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3-year note auction of 11 August 2026 (new issue)

The 3-year note sold $72.671 billion at a high yield of 4.291% on , with a bid-to-cover ratio of 2.71.

Coupon
4.250%
Announced
Issued
Matures

High yield

4.291%

Median yield 4.243%

Bid-to-cover

2.71

▲ +0.11 since 7 Jul

Sold

$72.67 billion

$58 billion offered

Indirect bidders

64.2%

Of competitive bids accepted

The high yield was the highest for a 3-year note since 11 February 2025

High yield at each 3-year note auction, %

The high yield was the highest for a 3-year note since 11 February 202536 auctions from 11 September 2023 to 11 August 2026; the latest at 4.291%.3.0%3.5%4.0%4.5%5.0%2023202420252026This auction, 4.291%The high yield was the highest for a 3-year note since 11 February 202536 auctions from 11 September 2023 to 11 August 2026; the latest at 4.291%.3.3%3.5%3.8%4.0%4.3%4.5%202520264.291%

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

The 36 auctions as a table
High yield and bid-to-cover of the last 36 3-year note auctions, newest first
AuctionHigh yield, %Bid-to-cover
4.2912.71
4.1792.60
4.1922.64
3.9652.54
3.8972.68
3.5792.55
3.5182.62
3.6092.65
3.6142.64
3.5792.85
3.5762.66
3.4852.73
3.6692.53
3.8912.51
3.9722.52
3.8242.56
3.7842.47
3.9082.70
4.3002.79
4.3322.62
4.1172.58
4.1522.60
3.8782.45
3.4402.66
3.8102.55
4.3992.67
4.6592.43
4.6052.63
4.5482.50
4.2562.60
4.1692.58
4.1052.67
4.4902.42
4.7012.67
4.7402.56
4.6602.75

Against its own history

Against the previous 12 auctions of the 3-year note
MeasureThis auctionMedianHigherLower
Bid-to-cover ratio2.712.642 of 1210 of 12
High yield4.2913.6120 of 1212 of 12
Indirect bidders' share64.263.04 of 128 of 12
Direct bidders' share24.022.96 of 126 of 12
Primary dealers' share11.712.16 of 126 of 12
High minus median, basis points4.84.65 of 126 of 12

The table scrolls sideways; the first column stays in place.

Who bought the 3-year note?

Indirect bidders took 64.2% of the competitive bids accepted

Share of competitive bids accepted, %. Grey: the previous 3-year note auction, 7 July 2026

Indirect bidders took 64.2% of the competitive bids acceptedIndirect bidders 64.2%, Direct bidders 24.0%, Primary dealers 11.7%Indirect bidders64.2%67.5%Direct bidders24.0%24.8%Primary dealers11.7%7.7%Indirect bidders took 64.2% of the competitive bids acceptedIndirect bidders 64.2%, Direct bidders 24.0%, Primary dealers 11.7%Indirect bidders64.2%67.5%Direct bidders24.0%24.8%Primary dealers11.7%7.7%
The shares as a table
Shares of competitive bids accepted, %
BidderThis auctionPrevious
Indirect bidders64.267.5
Direct bidders24.024.8
Primary dealers11.77.7

About these figures

Treasury's full result, how to read it, its limits and sources

Treasury's published result

FieldValue
Offered as3-Year, new issue
Offering amount$58,000,000,000
Bids received$171,970,558,800
Sold$72,670,580,300
Competitive bids accepted$57,400,241,500
Non-competitive bids accepted$349,775,600
Federal Reserve (SOMA) add-on$14,670,563,200
Foreign and international (FIMA) non-competitive$250,000,000
High yield, %4.291
Median rate, %4.243
Low rate, %3.880
Interest rate (coupon), %4.250
Bids at the high rate filled, %18.31
Bid-to-cover ratio2.71
Indirect bidders accepted$36,872,620,000
Direct bidders accepted$13,788,100,000
Primary dealers accepted$6,739,521,500
Indirect bidders' share, % (ours)64.2
Direct bidders' share, % (ours)24.0
Primary dealers' share, % (ours)11.7
High minus median, basis points (ours)4.8
Treasury par yield curve, 3-year point, same day, %4.27
High yield minus that point, basis points (ours)2.1

Treasury's own files: announcement (PDF) · results (PDF)

How to read this result

The high yield is the highest rate Treasury accepted; every winning bidder gets it. The bid-to-cover ratio is bids received divided by the amount sold. Shares are of competitive bids accepted. High minus median shows how far the accepted cut-off sat above the middle accepted bid; it is not the market's auction tail, which needs a when-issued price that is not public.

The par yield curve comparison sets the high yield against Treasury's own par yield curve on the auction day, at the point nearest this security's maturity (3-year). Treasury fixes that curve from market quotes in the late afternoon, after the auction closed, so the gap mixes the auction's pricing with the afternoon's market move. It is not the auction tail either.

What this number cannot tell you

  • Why it sold where it did. Results show what was bid and accepted, not the reasons behind any bid.
  • The auction tail as markets quote it. That compares the high yield with the when-issued yield just before bids closed, a market price that is not public; we show high minus median instead, a different measure.
  • Who the bidders are. Indirect bidders include foreign and international accounts bidding through the New York Fed and investors bidding through dealers; Treasury does not publish names.
  • Demand on another day. A bid-to-cover ratio counts bids at one auction against the amount offered, and the amount offered changes from auction to auction.

The longer windows

Each measure against earlier 3-year note auctions: how many were higher and lower, and their median
MeasureThis auctionWindowHigherLowerMedian
Bid-to-cover ratio2.71Last 24 auctions3 of 2421 of 242.61
Bid-to-cover ratio2.71Since 10 November 2008112 of 21299 of 2122.76
Bid-to-cover ratio2.71All 228 since 6 May 2003113 of 228114 of 2282.70
High yield4.291Last 24 auctions2 of 2422 of 243.851
High yield4.291Since 10 November 200815 of 212197 of 2121.390
High yield4.291All 295 since 5 May 198188 of 295207 of 2952.301
Indirect bidders' share64.2Last 24 auctions10 of 2414 of 2463.3
Indirect bidders' share64.2All 212 since 10 November 200822 of 212190 of 21250.2
Direct bidders' share24.0Last 24 auctions8 of 2416 of 2420.7
Direct bidders' share24.0All 212 since 10 November 200812 of 212200 of 21214.7
Primary dealers' share11.7Last 24 auctions15 of 249 of 2414.6
Primary dealers' share11.7All 212 since 10 November 2008201 of 21211 of 21238.4
High minus median, basis points4.8Last 24 auctions14 of 249 of 245.0
High minus median, basis points4.8Since 10 November 200864 of 212146 of 2123.9
High minus median, basis points4.8All 295 since 5 May 198167 of 295226 of 2953.1

The table scrolls sideways; the first column stays in place.

Sources

Source: U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data. Observed .

Shares of competitive bids, grades against earlier auctions and the high-minus-median spread are computed by 500metrics from Treasury's published fields; how.

Source: U.S. Treasury, Daily Treasury par yield curve rates. Observed .

How to cite this

U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data, Treasury Securities Auctions Data, auction of 11 August 2026. Results file: https://www.treasurydirect.gov/instit/annceresult/press/preanre/2026/R_20260811_2.pdf. Compiled by 500metrics, "3-year note auction of 11 August 2026 (new issue)", https://500metrics.com/treasury/auctions/3-year-note/2026-08-11.

Sources and licence

Sources and licence

  • U.S. Treasury, Bureau of the Fiscal Service, Fiscal Data (source). Licence: Public domain, a work of the US federal government
  • U.S. Treasury, daily par yield curve rates (source). Licence: Public domain, a work of the US federal government

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